Bilcare Singapore raises $ 90 million through Convertible bonds

Bilcare Limited
Bilcare Singapore, a wholly owned subsidiary of Bilcare Limited, has issued 4% convertible bonds, due in 2012, to raise $90 million, an official release said.

The bonds may be redeemed in whole at the option of the bondholder on the maturity date at a return price of 130.726% of the principal amount, plus accrued interest, as per the terms of the issue.

The Bonds may be converted to shares of Bilcare Singapore Pte Ltd at maturity or 90 days after the completion of a Qualified IPO. The bonds will be listed on Singapore Stock Exchange.

The proceeds from the issue will be utilized for the ongoing global expansion / investment plans of the Company.

The stock of Bilcare Limited closed today at Rs. 1509 on BSE, down 4% compared with previous close of Rs. 1564. It touched an intraday high of Rs. 1588 and low of Rs. 1500.

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